Blockchain.com is one of the worst bitcoin wallets

[_act_]

See the email I was sent today:

I am not using the wallet since many years ago but I am very surprised that a so called noncustodial wallet developers are sending messages to their users to get verified.

Is this where they are going now. From close source to messaging customers to get verified.

They even know my country from my IP address, which is not a problem for me but advising people to get verified is a big problem for me.

[OmegaStarScream]

Well, it does say "to access all features". This is probably a reference to their swap/exchange features they have. Blockchain can't enforce KYC on people (unlike exchanges) because they do give you a seedphrase so you can always move to another wallet (or so I think based on the last time I checked). But yes, it's not a wallet I would recommend using. There are way better alternatives out there.

[Amphenomenon]

I remember using their API but currently can't really access some webpages including their API. It do skip my mind that they have a wallet feature whereas I'm was often concerned of using them to view tx id.

I think they are going for full profit, opting for kyc like a centralize exchanges which they are also. I think the confusion is from the fact that they have a non-custodial wallet and other features including an exchange. now that they are shifting to full kyc it will be better they slipt it like other exchanges who also have a non-custodial wallet outside example bitget.

While I don't even likes those wallets and would rather stick with open source bitcoin only wallet like Electrum or Bluewallet, this will reduce or end the confusion made by their recent changes.

[Catenaccio]

I don't use blockchain.com wallet a long time but if you still have access to your wallet there, not all wallet features, and if you can get the wallet mnemonic seed, it's time to import it to Electrum wallet, choose BIP39, and move all your bitcoin to a new wallet created with Electrum wallet software.

This is a warning that Blockchain.com wallet is unsafe wallet to use as from KYC today, it can be something in the future. You must see the risk, and take action as earliest as possible before it's too late.

How do I import my Bitcoin wallet into Electrum.

[Coyster]

Well, it does say "to access all features". This is probably a reference to their swap/exchange features they have.

Yes that's it. Customers that want to buy, sell or swap crypto have to verify their identity, if they also want to earn rewards on their coins, they have to submit their personal details.

I am not using the wallet since many years ago but I am very surprised that a so called noncustodial wallet developers are sending messages to their users to get verified.

Even though the reason for the message is to access all features, blockchain.com is not a good wallet to use. There are so many threads in the forum of users complaining of one bug or the other in this wallet. There are many good bitcoin wallets to use that i cannot understand why someone will use this wallet.

[mu_enrico]

Well, it does say "to access all features". This is probably a reference to their swap/exchange features they have. Blockchain can't enforce KYC on people (unlike exchanges) because they do give you a seedphrase so you can always move to another wallet (or so I think based on the last time I checked).

Yep, many similar wallets also do this, KYC for swap and buy with fiat purposes.


Anyway, blockchain.com had its era where it was popular at the time of my registration here, but now I think people move to other popular wallets, or leave their coins at the exchange.
I think you can still send/receive coins without KYC there if you want, but this wallet serves no purpose IMO.

[SquirrelJulietGarden]

Anyway, blockchain.com had its era where it was popular at the time of my registration here, but now I think people move to other popular wallets, or leave their coins at the exchange.
I think you can still send/receive coins without KYC there if you want, but this wallet serves no purpose IMO.

It's not a good wallet to use.

Reason is Blockchain.com wallet is close source, even it is non custodial. Good wallets must have two essential things: open-source, and non-custodial.
https://walletscrutiny.com/?platform=allPlatforms&page=0&query-string=blockchain.com

[Alphakilo]

Anyway, blockchain.com had its era where it was popular at the time of my registration here, but now I think people move to other popular wallets, or leave their coins at the exchange.
I think you can still send/receive coins without KYC there if you want, but this wallet serves no purpose IMO.

It's not a good wallet to use.

Reason is Blockchain.com wallet is close source, even it is non custodial. Good wallets must have two essential things: open-source, and non-custodial.
https://walletscrutiny.com/?platform=allPlatforms&page=0&query-string=blockchain.com

The way one uses a wallet is dependent on their needs and priorities. It would also help a user to know the difference between a custodial and non custodial wallet in order to fully utilize the Blockchain.com wallet.

Also, I don't think that asking users to verify their identity on the blockchain.com platform is supposed to be an issue because as we know, it is kyc requirements for your security and protection from government agencies who have done so much to have data on every user because of money laundering claims and scams and hacks.

One could use Trezor or ledger for  the more experienced users mostly as it regards transacting with Bitcoin.

[Cryptohygenic]

Well, it does say "to access all features". This is probably a reference to their swap/exchange features they have. Blockchain can't enforce KYC on people (unlike exchanges) because they do give you a seedphrase so you can always move to another wallet (or so I think based on the last time I checked). But yes, it's not a wallet I would recommend using. There are way better alternatives out there.

Obviously it should not be a surprise that such terms is coming from a wallet providers that supports custodial and non custodial features in it network.
I don't even fancy the fact users still have their private keys because users interests on the security features in the exchange platforms is not solid enough to keep privacies.
But as an experience users being aware about the security factors that finds reasons of using the platform might not find it problematic to follow the Kyc due process if really need to have access to those added features afterall, kyc has not become a new development in the Crypto network like the regulating platforms with their Kyc requirements. It is always good to use the wallets highily on non custodial mode.

[HONDACD125]

This is not new, I remember getting such notifications, prompts, and emails for getting my verification done a long time ago and that was the time when I stopped using their services and started using Electrum and other non-custodial wallets instead, because I wasn't interested in verifying my identity, however, as said by some other members, they don't restrict you from receiving or sending Bitcoin or other cryptocurrencies that they support, but they won't let you swap coins or do other stuff that they've integrated into their wallet later.

I still remember when it used to be the only wallet that I used when I first joined this industry. I did some research on which wallet I should use, and it was the one that I thought is the best one at that time because it was on the website that was also the widely used block explorer for Bitcoin even back then, so I thought it's the best, and to be honest, I never had problems with their wallet services throughout the time that I was using their services, but this verification thing made me stop using it.

[BitGoba]

Blockchain.com is a scam website, and I’ve heard many stories online about people having their bitcoins stolen. There are also a lot of complaints from people Also, on Trustpilot, many people are complaining about them.

https://www.trustpilot.com/review/blockchain.com

[Charles-Tim]

Blockchain.com is a scam website, and I’ve heard many stories online about people having their bitcoins stolen. There are also a lot of complaints from people Also, on Trustpilot, many people are complaining about them.

It is better not to trust any close source wallets, especially those web wallets that you do not know how their keys are also generated online. Nobody can know if the wallet developers can know people's seed phrase and keys because they generate the wallet online and it is close source. Best is to stay away from such wallet.

[348Judah]

I have also experienced having a conversation with a newbie in cryptocurrency and he began to mention the kinds of wallet he uses and how trusted they are, the first he mentioned was blockchain wallet, next I told him that he does not know anything about wallets and needs to be taught about the various kinds of wallet in cryptocurrency, then it recalled to me that some have been already brainwashed with the mentality of the name blockchain wallet, that they don't even bother to know if other better wallets exist or not, being informed is more important in cryptocurrency because many are in the dark unknowingly.

[Hamza2424]

I am not using the wallet since many years ago but I am very surprised that a so called noncustodial wallet developers are sending messages to their users to get verified.

Is this where they are going now. From close source to messaging customers to get verified.

They even know my country from my IP address, which is not a problem for me but advising people to get verified is a big problem for me.

This is a big surprise that a non custodial wallet is asking for KYC, this is really frightening, this might be due to the regulatory pressure from the FATF and the Mica but not sure. I think it is time to abandon this wallet, although I have not used it much yet. We should use Electrum only for Bitcoin.

Or this mail can be fake and some scammer might have sent you this, you should confirm it from the support option from the site and look on their social media if they have shared anything, bro never trust mails although read them and do the research if the mail is not from a scammer, if you are so sure that it came from the team.

That's really sad for a non-custodial wallet, although I don't think it was a fully non custodial wallet correct me if I am wrong I mean we can create a wallet on it using mail too.

[Odohu]

This was the first wallet I used and then it was still blockshain.info, they sign up require email and and password after which they will generate Id for you. Due to poor knowledge of wallets, I felt that was fine then and luckily everything worked and I did not lose money. It was later I learnt that the are closed source and many other things were wrong with them. I do receive this verification request email too but I don't pay attention to that since u don't have anything in that platform after finding out their weaknesses.

[JiiBs]

It's not a good wallet to use.

Reason is Blockchain.com wallet is close source, even it is non custodial. Good wallets must have two essential things: open-source, and non-custodial.
https://walletscrutiny.com/?platform=allPlatforms&page=0&query-string=blockchain.com

Not a good wallet, okay, i can work with that.

Given both your reasons above which I think it’s a valid one but, I’ve got to ask…

Just how is a wallet supposedly non custodial, having a customer support. What good would they do to the system or wallet. I don’t use blockchain.com but, I often reserve a support system for exchanges and some of the cryptocurrency app and site services out there, not wallet that comes with seed phrases.

Requesting users for KYC documents, that’s strange.

[Justbillywitt]

This is really laughable, how can a noncustodial wallet be asking people to get verified? Are they turning into a centralised exchange to ask you to get verified. I have this wallet I used to use them in the past I think something happened and I lost interest in them and since then I haven't bothered using it and installed it. Maybe I will check my email to see if I received much an email. Seems they want to lose their users. But it will really be disgusting if this is were these noncustodial wallets are heading to.

[Ultegra134]

Blockchain.com is a scam website, and I’ve heard many stories online about people having their bitcoins stolen. There are also a lot of complaints from people Also, on Trustpilot, many people are complaining about them.

https://www.trustpilot.com/review/blockchain.com

Wow, this is disturbing, although a large number of cryptocurrency platforms don't have the best reviews (including Binance for instance), such a number of complaints and mentions about stolen coins is alarming. As another user previously mentioned, Blockchain.com had its era in the early days of Bitcoin, I'm having a hard time believing that anyone serious about Bitcoin and cryptocurrencies is using it anymore. I used to use it between 2014 and 2016, creating multiple wallets that were lost in time and recovered years later, fortunately still intact.

I was also asked to submit KYC, but it was if I wanted to use trading functions, I could still operate within my wallet and had no issues transferring my coins to my main wallet.

[Bitcoin_Arena]

Not sure why some members are OP are surprised. Wayback, it was a just a web wallet and if my memory serves me right, there was no option to create a wallet back-up (or back up seeds) thus the wallet was custodial. They just enabled the ability for people to back up the seeds much later. So asking for KYC verification is seen as something normal to them.
But  with the many much better wallets out there, why would one continue using blockchain wallet?

[BitMaxz]

I stopped using blockchain wallet a long time ago after I couldn't recover my wallet with my seed backup that requires email to get the exact wallet.
Since they are turning to an exchange, the same as other wallets like Mycelium, for example, I'm sure they are going to force their users to verify KYC in the future.

If I were you, I'd better move your funds to a wallet that doesn't focus on making their wallet become an exchange. If this is just a BTC then Electrum is much better and hardware wallet for multi-coins supported.